Italy approves plan to pay €40B to settle a giant outstanding balance with private...
Apr 6 2013, 19:44 ET
Italy approves plan to pay €40B to settle a giant outstanding balance with private companies. The debts became a source of distress for the country's corporate sector when bank credit to businesses dried up. The government hopes paying its bills will stimulate the economy, but says the decision to make good on its commitments wasn't easy: "We have to follow a path between helping our economy recover and maintaining budget discipline," Italy's Economic Minister notes.